Livecadia
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 4 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€204,397
2024 · €440,749
Working capital
€54,866▼ 64.4%
2024 · €154,203
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
-€189,639
2025
20222025
Net result
-€204,397
2025
lowest quarter of the sector
20222025
Equity
€371,384
▼ 35.5%
2025
lowest quarter of the sector
20222025
Total assets
€441,558
▼ 87.8%
2025
lowest quarter of the sector
20222025
Debt
€70,174
▼ 97.7%
2025
20222025
Working capital
€54,866
▼ 64.4%
2025
lowest quarter of the sector
20222025
Solvency
84.1%
▲ 68.3pp
2025
middle half of the sector
20222025
Current ratio
1.78
▲ 0.73
2025
middle half of the sector
20222025
Return on assets (ROA)
-46.3%
▼ 58.4pp
2025
lowest quarter of the sector
20222025
Staff (FTE)
no figure
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result-€0.2m-€0.005m€0.5m▲ 103×-€0.2m
Net result-€0.2mbelow the sector's middle half--€0.1mbelow the sector's middle half▲ 43.5%€0.4mabove the sector's middle half-€0.2mbelow the sector's middle half
Equity€0.2mwithin the sector's middle half-€0.1mwithin the sector's middle half▼ 45.7%€0.6mwithin the sector's middle half▲ 326%€0.4mbelow the sector's middle half▼ 35.5%
Total assets€1.6mwithin the sector's middle half-€2.4mabove the sector's middle half▲ 47.0%€3.6mabove the sector's middle half▲ 50.8%€0.4mbelow the sector's middle half▼ 87.8%
Debt€1.4m-€2.3m▲ 63.6%€3.1m▲ 34.4%€0.07m▼ 97.7%
Working capital-€1.2mbelow the sector's middle half--€2.2mbelow the sector's middle half▼ 80.4%€0.2mwithin the sector's middle half€0.05mbelow the sector's middle half▼ 64.4%
Solvency15.2%below the sector's middle half-5.6%below the sector's middle half▼ 9.6pp15.8%below the sector's middle half▲ 10.2pp84.1%within the sector's middle half▲ 68.3pp
Current ratio0.12below the sector's middle half-0.03below the sector's middle half▼ 0.091.05within the sector's middle half▲ 1.021.78within the sector's middle half▲ 0.73
Return on assets (ROA)-12.3%within the sector's middle half--4.7%within the sector's middle half▲ 7.6pp12.1%within the sector's middle half▲ 16.8pp-46.3%below the sector's middle half▼ 58.4pp
Staff (FTE)1.8below the sector's middle half-4.5within the sector's middle half▲ 150%4.1within the sector's middle half▼ 8.9%
above
within
below
The sector band is the middle half of the companies in Gambling and betting activities (NACE 92). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €189,639, after a profit of €488,625 in 2024. It is the lowest result since 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €441,558
Fixed assets
€316,519 ▼ 25.3%
Current assets
€125,040 ▼ 96.1%
Equity and liabilities €441,558
Equity
€371,384 ▼ 35.5%
Debt
€70,174 ▼ 97.7%
Debt's share of the balance-sheet total falls from 84.2% to 15.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€79,983▼
2024 · €587,976
Cash flow
-€94,742▼
2024 · €540,100
Debt to equity
0.19▼
2024 · 5.31
ROE
-55.0%▼
2024 · 76.5%
Interest coverage
-5.37▼
2024 · 3.78
Debt ≤ 1 year
€70,174▼
2024 · €3.1m
Staff costs
€8,896▼
2024 · €367,517
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 6 | 1 |
| full-time | 3 | 6 | 1 |
| in full-time equivalents | 3 | 6 | 1 |
| Average over the year, in full-time equivalents | 1.8 | 4.5 | 4.1 |
| On a permanent contract | 3 | 6 | 1 |
| Joined | - | 3 | 1 |
| Left | - | 0 | 6 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €86,470 | €171,041 | €145,437 | €2,547 |
| Intangible fixed assets | €1.4m | €785,611 | €607,884 | - |
| Depreciation and write-downs of the year | €35,751 | €88,684 | €99,351 | €109,656 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 3 entries · €421,408 awarded · €421,408 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 2 | €3,848 | €254,408 |
| 2022 | 1 | €417,560 | €167,000 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €809,726 | - | - |
| Remuneration, social security and pensions62 | €85,389 | €311,487 | €367,517 | €8,896 | ▼ 97.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,751 | €88,684 | €99,351 | €109,656 | ▲ 10.4% |
| Other operating charges640/8 | €9,911 | €601 | €6,769 | €2,022 | ▼ 70.1% |
| Gross operating margin9900 | -€48,846 | €405,532 | €962,262 | -€69,065 | - |
| Operating profit (loss)9901 | -€179,897 | €4,761 | €488,625 | -€189,639 | - |
| Financial income75/76B | €83 | - | - | €141 | - |
| Recurring financial income75 | €83 | - | - | €141 | - |
| Financial charges65/66B | €21,318 | €121,152 | €155,355 | €14,899 | ▼ 90.4% |
| Recurring financial charges65 | €21,318 | €121,152 | €155,355 | €14,899 | ▼ 90.4% |
| Profit (loss) for the period before taxes9903 | -€201,133 | -€116,392 | €333,270 | -€204,397 | - |
| Income taxes67/77 | €162 | -€2,720 | -€107,479 | - | - |
| Profit (loss) for the period9904 | -€201,295 | -€113,672 | €440,749 | -€204,397 | - |
| Profit (loss) for the period to be appropriated9905 | -€201,295 | -€113,672 | €440,749 | -€204,397 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.6m | €2.4m | €3.6m | €0.4m | ▼ 87.8% |
| Fixed assets21/28 | €1.5m | €2.3m | €0.4m | €0.3m | ▼ 25.3% |
| Intangible fixed assets21 | €1.4m | €2.1m | €0.3m | €0.2m | ▼ 24.0% |
| Tangible fixed assets22/27 | €0.08m | €0.2m | €0.1m | €0.1m | ▼ 27.8% |
| Land and buildings22 | - | €0.2m | - | - | - |
| Plant, machinery and equipment23 | €0.07m | - | €0.1m | €0.1m | ▼ 26.5% |
| Furniture and vehicles24 | €0.01m | €0.006m | €0.004m | €0.001m | ▼ 72.2% |
| Current assets29/58 | €0.2m | €0.07m | €3.2m | €0.1m | ▼ 96.1% |
| Amounts receivable within one year40/41 | €0.05m | €0.07m | €3.2m | €0.1m | ▼ 96.1% |
| Trade receivables40 | - | €0.04m | €3.1m | €0.01m | ▼ 99.5% |
| Other amounts receivable41 | €0.05m | €0.04m | €0.1m | €0.1m | = |
| Cash at bank and in hand54/58 | €0.1m | - | - | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.6m | €2.4m | €3.6m | €0.4m | ▼ 87.8% |
| Equity10/15 | €0.2m | €0.1m | €0.6m | €0.4m | ▼ 35.5% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.3m | €0.1m | -€0.08m | - |
| Amounts payable17/49 | €1.4m | €2.3m | €3.1m | €0.07m | ▼ 97.7% |
| Amounts payable within one year42/48 | €1.4m | €2.3m | €3.1m | €0.07m | ▼ 97.7% |
| Financial debts43 | - | €2.1m | €3.0m | €0.06m | ▼ 98.0% |
| Credit institutions430/8 | - | €2.1m | €3.0m | €0.06m | ▼ 98.0% |
| Trade debts44 | €0.2m | €0.09m | €0.03m | €0.001m | ▼ 97.5% |
| Suppliers440/4 | €0.2m | €0.09m | €0.03m | €0.001m | ▼ 97.5% |
| Taxes, remuneration and social security45 | €0.009m | €0.03m | €0.03m | - | - |
| Taxes450/3 | €162 | €173 | €0.02m | - | - |
| Remuneration and social security454/9 | €0.009m | €0.03m | €0.008m | - | - |
| Other amounts payable47/48 | €1.2m | €0.03m | €0.04m | €0.01m | ▼ 71.9% |
| Accrued charges and deferred income492/3 | - | - | €0.002m | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.2m | -€0.1m | €0.4m | -€0.2m | - |
| + Depreciation and write-downs630 | €0.04m | €0.09m | €0.1m | €0.1m | ▲ 10.4% |
| Operating cash flow (approximation) | -€0.2m | -€0.02m | €0.5m | -€0.09m | - |
| Investment in fixed assets (approximation) | - | -€1.0m | €1.8m | -€0.003m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,591 companies had the same profile as Livecadia has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Livecadia itself: 1.3% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,591 companies, not a prediction for Livecadia. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.